121 STAT. 800
PUBLIC LAW 110–84—SEPT. 27, 2007 ‘‘(2) AMOUNT OF LOAN FEES.—The amount of the loan fee which shall be deducted under paragraph (1), but which may not be collected from the borrower, shall be equal to— ‘‘(A) except as provided in subparagraph (B), 0.50 percent of the principal amount of the loan with respect to any loan under this part for which the first disbursement was made on or after October 1, 1993; and ‘‘(B) 1.0 percent of the principal amount of the loan with respect to any loan under this part for which the first disbursement was made on or after October 1, 2007.’’.
SEC. 306. ACCOUNT MAINTENANCE FEES.
Section 458(b) (20 U.S.C. 1087h(b)) is amended by striking ‘‘0.10 percent’’ and inserting ‘‘0.06 percent’’.
TITLE IV—LOAN FORGIVENESS SEC. 401. LOAN FORGIVENESS FOR PUBLIC SERVICE EMPLOYEES.
dkrause on GSDDPC44 with PUBLAW
Section 455 (20 U.S.C. 1087e) is further amended by adding at the end the following: ‘‘(m) REPAYMENT PLAN FOR PUBLIC SERVICE EMPLOYEES.— ‘‘(1) IN GENERAL.—The Secretary shall cancel the balance of interest and principal due, in accordance with paragraph (2), on any eligible Federal Direct Loan not in default for a borrower who— ‘‘(A) has made 120 monthly payments on the eligible Federal Direct Loan after October 1, 2007, pursuant to any one or a combination of the following— ‘‘(i) payments under an income-based repayment plan under section 493C; ‘‘(ii) payments under a standard repayment plan under subsection (d)(1)(A), based on a 10-year repayment period; ‘‘(iii) monthly payments under a repayment plan under subsection (d)(1) or (g) of not less than the monthly amount calculated under subsection (d)(1)(A), based on a 10-year repayment period; or ‘‘(iv) payments under an income contingent repayment plan under subsection (d)(1)(D); and ‘‘(B)(i) is employed in a public service job at the time of such forgiveness; and ‘‘(ii) has been employed in a public service job during the period in which the borrower makes each of the 120 payments described in subparagraph (A). ‘‘(2) LOAN CANCELLATION AMOUNT.—After the conclusion of the employment period described in paragraph (1), the Secretary shall cancel the obligation to repay the balance of principal and interest due as of the time of such cancellation, on the eligible Federal Direct Loans made to the borrower under this part. ‘‘(3) DEFINITIONS.—In this subsection: ‘‘(A) ELIGIBLE FEDERAL DIRECT LOAN.—The term ‘eligible Federal Direct Loan’ means a Federal Direct Stafford Loan, Federal Direct PLUS Loan, or Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Consolidation Loan.
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